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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>ICDS Provisions u/s 145(2) Clash with Judicial Precedents, Affecting Income Tax Computation for Businesses from 2017-18 Onward.</h1> Certain provisions within the Income Computation and Disclosure Standards (ICDS) conflict with established judicial precedents. The ICDS were introduced to provide clarity on income computation issues under the Income-tax Act, 1961, particularly for income under 'Profits and Gains of Business or Profession' (PGBP) and other sources. Despite judicial rulings made prior to the ICDS, these standards are now applicable from the assessment year 2017-18 onwards, aiming to standardize and resolve transactional issues. The ICDS provisions, as notified under section 145(2), are intended to supersede previous judicial interpretations where inconsistencies exist.
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